Categories
Real Estate Royal Commission

Letter to the Minister

The Australian Minister for Housing
minister.sukkar@treasury.gov.au

The largest industry in Australia today is the Real Estate Industry.

The most powerful force in shaping how real estate is sold in that largest of industries is realestate.com.au

This website is majority owned by News Limited and this has created a situation over the past 2 decades, in which Australians are forced to pay advertising costs which are far greater than they ought to be, when selling or leasing ones property. Such costs are out of step with industry practices and pricing worldwide.

Additionally, because of the relationship between the 2 largest portals and their media group ownership, press coverage of cheaper alternatives is deliberately almost non-existent. This fact exacerbates even further the monopoly position that exists.

Furthermore, there are a great many anti-competitive practices being used by the majority portal and its owner (REA Group), which further limits competition and contributes to higher than necessary housing prices.

Specifically, there is both selective pricing and price gouging.

There exists, absolutely no market force able to counter the situation and only Governmental intervention can alleviate the many serious abuses of power which have been occurring for decades now.

While the situation described has existed unchallenged for 20 years, the Covid pandemic has made the status quo far more dire and troublesome for all Australians.

The Australian public demand your intervention given the conspicuous absence of any assistance from ACCC and therefore your immediate attention is requested in this matter.